GLOBAL ENERGY SECTOR WON'T SURVIVE WITHOUT LNG FOR SEVERAL DECADES

The global energy industry will not be able to survive without supplies of Liquefied Natural Gas (LNG) for at least several decades, despite the growth of renewable energy generation capacity.

According to its estimates, investments in the LNG industry are needed to provide affordable energy to some regions, especially Southeast Asia and the European Union, which is gradually abandoning the Russian gas pipeline. "The [possible] reduction in investments (in the LNG sector - TASS notes) will affect both access to cheap and reliable energy and the [prospects for] economic growth of [energy] producers and consumers," GIIGNL noted.

The agency noted that several major oil and gas companies, including Britain's Shell and the U.S. Chevron, say gas in general "will play a [major] role in the long-term transition to renewable energy." At the same time, the International Energy Agency forecasts that demand for this type of fuel will peak this decade.

In 2021, Russian gas supplies accounted for about 45% of all EU gas imports. Most of the community countries unanimously decided to refuse gas supplies through the Russian pipeline after, in response to EU sanctions, Russia forced all hostile countries to pay for gas in rubles. At the same time, the last two years have seen a sharp increase in purchases of Russian LNG by EU countries, which have increased by 40% compared to the 2021 level.